Aggregated News From Investment Management Regulators


David Eacott has been appointed as Executive Director of Supervision

David is the former Head of Banking Supervision at the Malta Financial Services Authority.  Prior to this he worked for the Bank of England and the United Kingdom Financial Services Authority, including two years in the UK’s permanent representation to the EU, as the UK’s Financial Attaché during the last UK Presidency. An established executive, David has a wealth of leadership and knowledge in running supervision teams across banking and asset management divisions. In his new role, David will lead the prudential, conduct and anti-money laundering/ countering the financing of terrorism supervision, of Jersey’s financial services industry. Jill Britton, Director General...

2022 AML/CFT/CPF and other Supervisory Risk Data Collection exercise

We are asking all supervised businesses to provide us with their 2022 data between 1 February 2023 and 30 April 2023. This data informs our approach for risk-based supervision and our financial crime examination process. It will also be used in aggregated form to refresh the National Risk Assessment. The data we are asking for mirrors our previous requests and we will again be collecting: organisational/footprint data from some General Insurance Mediation Businesses (class P and Q only) and Insurance Businesses sector specific data from the long term Insurance sector. In addition, this year we have extended our 2022 sector specific data collection to include...

Virtual Asset Service Providers (VASPs)

Virtual Currency Exchange Businesses have been required to register with the JFSC since 2016 and subject to anti-money laundering/countering the financing of terrorism/countering proliferation financing (AML/CFT/CPF) legislation. In order to ensure that all virtual asset activities are subject to the same AML/CFT/CPF legislation requirements, the Proceeds of Crime (Amendment No. 6) (Jersey) Order 2022 (Amendment No. 6) has aligned Jersey’s Virtual Asset and Virtual Asset Service Providers regime to the Financial Action Task Force Standards (The FATF Recommendations ( Amendment No. 6 has introduced the following definitions: “Virtual Asset” means a digital representation of value that can be digitally traded or transferred and...

Schedule 2 Business Activities

The Proceeds of Crime (Amendment No. 6) (Jersey) Order 2022 (Amendment No. 6) came into force today, Monday 30 January 2023. As a result, schedule 2 to the Proceeds of Crime (Jersey) Law 1999 has been recast so that activities and operations subject to AML/CFT/CPF obligations mirror the definitions within the Financial Action Task Force Standards (The FATF Recommendations (  All previous scope exemptions from AML/CFT/CPF obligations and exemptions from registration have also been removed. For existing entities that now need to register with the JFSC there is a transitional period until 30 June 2023 to submit these applications. We are currently updating our website and Registration...

Thematic examination programme 2023

Our thematic examinations are conducted in response to a perceived, current or emerging regulatory risk. A particular topic or topics are selected for consideration and review across a number of different entities and/or individuals from either the same sector or across sectors. This enables the standard of compliance and associated risks on the topic to be assessed more broadly. Examinations may be conducted through various means, including by way of a questionnaire, in-depth examinations/desk-based activity or a combination of both. The themes for our 2023 thematic examination programme are: Natural persons undertaking Class G trust company business; Reliance on obliged persons; ...

Supervisors engaging regarding money flows

The supervision team will shortly be reaching out to a number of supervised persons to ask for information regarding certain money flows. This will assist in the update of the national risk assessment for terrorist financing. If you have any questions regarding this, do not hesitate to raise them with the Supervisor that has contacted your business. Source link

2023 Annual Confirmations due by 28 February 2023

The 2023 Annual Confirmation is now due and must be filed by the nominated person for the entity. Under the Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020, which came into force on 6 January 2021, you are required to complete an annual confirmation statement for any entities registered before 2023. Since the Limited Partnerships (Jersey) Law 1994, was amended on 12 August 2022, limited partnerships must complete an annual confirmation statement to confirm: the registered office addresses the name and address of the general partners the limited partnership’s status (as being either continuing or winding up). Annual confirmation submissions must be...

International Monetary Fund Co-ordinated Portfolio Investment Survey (CPIS)

We are reminding all banking, funds and insurance businesses as well as businesses that offer Special Purpose Vehicles (SPVs) to submit their co-ordinated portfolio investment survey. Returns require completion by 31 March 2023. Please return the completed forms to [email protected] CPIS reporting form Co-ordinated Portfolio Investment Survey 2023 To ensure the smooth running of the survey, we requests that: valuation is based on market price at close of business on 31 December 2022 returns are to be received in an Excel format saved as .xls to enable direct importation into the database; data is in sterling and rounded to the nearest million; ...

Jersey Resolution Authority 2023 Funding Paper

On 29 December 2022, the Jersey Resolution Authority (JRA) issued a funding paper to Jersey banks setting out its budget and proposed annual administration levy for 2023 (that will be payable by Jersey Banks). The JRA welcomes comments on the Funding Paper from interested parties and asks for these before 31 January 2023.  Feedback can be sent directly to Martin Edwards, Head of the JRA via email:  [email protected] JRA 2023 Funding Paper  The JRA is an independent public body with the responsibility of minimising the impact of a bank’s failure and ensuring public funds are protected. Find out more about the JRA Source link

Notice designating “senior management functions” published

Following the conclusion of our consultation we have published: a Statutory Notice designating “senior management functions”.  It will come into effect on 13 March 2023. The Notice determines which senior managers in a registered person will fall within the scope of our civil financial penalties regime should they be culpable in a registered person’s significant and material contravention of the Money Laundering Order or a Code of Practice. a consultation Feedback, outlining the changes made to the originally proposed form of Notice, following respondent comments. As a matter of best practice, registered persons should identify which of their employees they consider fall into one...

New updates to help you with the Prescribed NPO Order

The Prescribed NPO Order came into force on 1 January 2023. Only a very limited number of NPOs will be considered ‘prescribed.’ We have updated our website and AML/CFT/CPF Handbook to assist the NPO sector with these changes. Our non-profit organisations page has been updated with new information and guidance for NPOs, including what defines a Prescribed NPO. We will be contacting prescribed NPOs in the next few weeks to discuss the requirements and answer any questions. We have also added a new section to our handbook (Section 17), which sets out guidance and Codes of Practice to support prescribed NPOs. handbook-section-17.pdf ( For any questions regarding the...

2022 AML/CFT/CPF and other Supervisory Risk Data Collection Exercise to begin in February

This year, as in previous years, we will be seeking AML/CFT/CPF and other supervisory risk data from industry. This information continues to inform our risk-based approach to supervision and our understanding of money laundering, terrorist financing and countering proliferation financing (AML/CFT/CPF) risks. In previous years, we have started this process in December or January by sending requests for data and making the Excel workbooks available for download. This year the process will start in early February 2023. The submission process will remain the same, with businesses being requested to submit their data by populating and uploading Excel workbooks via myJFSC. Businesses will...

Regulator Information

Abbreviation: JFSC
Jurisdiction: Jersey

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